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New Mexico Educational Retirement Board Real Estate and Natural Resources Portfolio Quarterly
Board Summary
June 30, 2015
Table of Contents
Portfolio Summary ......................................................................................................................................................... 1
Portfolio Review ........................................................................................................................................................ 1
Returns Summary ...................................................................................................................................................... 1
Trailing Period Time Weighted Returns – Net of Fees ............................................................................................... 2
Calendar Year Time Weighted Returns – Net of Fees................................................................................................ 2
Private Portfolio Statistics ......................................................................................................................................... 2
Private Asset Multiples .............................................................................................................................................. 2
Portfolio Diversification ............................................................................................................................................. 3
Manager Statistics ......................................................................................................................................................... 4
Manager Performance – Net of Fees ......................................................................................................................... 4
Manager Performance – Net of Fees - Continued ..................................................................................................... 5
Manager Asset Detail ................................................................................................................................................ 6
Manager Asset Detail - Continued............................................................................................................................. 7
Appendix A..................................................................................................................................................................... 8
Summary of Portfolio Cash Flows – Private Investments .......................................................................................... 8
Appendix B ..................................................................................................................................................................... 9
Notes to the Performance Report ............................................................................................................................. 9
Disclosure Statements ............................................................................................................................................. 10
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Portfolio Summary
Portfolio Review
As of June 30, 2015, New Mexico Educational Retirement Board (“NMERB”) had a total portfolio value of $11,416,629,337. NMERB’s long-term target allocations to real estate and natural resources are 7% ($799,164,054) and 4.5% ($513,748,320), respectively. As of June 30, 2015, net asset value (“NAV”) of the real estate portfolio was $741,139,323 and NAV for the Natural Resources portfolio was $200,816,156.
As of June 30, 2015, NMERB had $463,559,771 of committed but uncalled allocations to private real estate managers and $266,674,198 of committed but uncalled allocations to Natural Resources managers.
Returns Summary
Time Weighted Returns Since Inception Net
IRR Current Quarter Since Inception
Public Real Estate -10.65% 9.42% 12.91%
Wilshire REIT Index -9.93% 9.29%
Private Real Estate 2.09% 7.15% 9.70%
NCREIF Property Index 3.14% 5.25%
Natural Resources 0.81% 3.27% 3.52%
NCREIF Timberland Index 0.51% 4.04%
NCREIF Farmland Index 1.16% 13.39%
CPI (All Consumers) 1.07% 1.86%
Portfolio Highlights
The real estate portfolio is expected to generate returns in excess of the National Council of Real Estate Investment Fiduciaries Index (“NCREIF Index”) over rolling five year investment time horizons.
Key Private Asset Ratios
as of 6/30/2015
Paid in Capital (PIC) 0.54x
Distribution Paid in
Capital (DPI) 0.40x
Residual Value Paid in
Capital (RVPI) 0.79x
Total Value Paid in Capital
(TVPI) 1.19x
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Trailing Period Time Weighted Returns – Net of Fees
Calendar Year Time Weighted Returns – Net of Fees
Private Portfolio Statistics
Private Asset Multiples
QTR 1 Year 3 Year 5 YearSince
InceptionSI Date
Public Real Estate -10.65% 2.92% 9.38% 14.97% 9.42% 3/31/2004
In-House REIT -9.88% 5.22% 8.83% 14.55% 9.25% 3/31/2004
Wilshire REIT - U.S. Equity -9.93% 5.21% 9.00% 14.72% 9.29% 3/31/2004
Brookfield U.S. Value REIT -11.10% 1.59% 11.08% - 11.78% 9/30/2011
MSCI REIT Index -10.44% 3.93% 8.71% 14.29% 9.82% 9/30/2011
Private Real Estate 2.09% 16.11% 17.19% 16.08% 7.15% 6/30/2008
NCREIF Property Index 3.14% 12.96% 11.63% 12.71% 5.25% 6/30/2008
Natural Resources 0.81% 2.60% 6.31% 4.94% 3.27% 6/30/2009
NCREIF Timberland Index 0.51% 10.02% 9.76% 6.10% 4.04% 6/30/2009
NCREIF Farmland Index 1.16% 11.63% 16.23% 15.47% 13.39% 6/30/2009
CPI (All Consumers) 1.07% 0.12% 1.31% 1.83% 1.86% 6/30/2009
YTD 2014 2013 2012 2011
Public Real Estate -6.80% 30.71% 3.48% 19.60% 8.78%
In-House REIT -5.66% 31.57% 1.47% 17.11% 9.17%
Wilshire REIT - U.S. Equity -5.73% 31.78% 1.86% 17.58% 9.24%
Brookfield U.S. Value REIT -7.46% 29.80% 6.40% 25.80% -
MSCI REIT Index -6.19% 30.38% 2.47% 17.77% 8.69%
Private Real Estate 4.53% 18.23% 19.73% 14.33% 8.33%
NCREIF Property Index 6.82% 11.81% 10.99% 10.54% 14.26%
Natural Resources 2.15% 2.08% 11.33% 2.61% 2.89%
NCREIF Timberland Index 2.27% 10.48% 9.68% 7.75% 1.57%
NCREIF Farmland Index 3.26% 12.63% 20.93% 18.58% 15.16%
CPI (All Consumers) 1.63% 0.76% 1.50% 1.74% 2.96%
06/30/2015 12/31/2014 12/31/2013 12/31/2012 12/31/2011
$ 590,986,338 $ 563,776,637 $ 295,792,339 $ 260,579,714 $ 168,876,773
730,233,969 500,638,903 569,522,524 231,187,026 131,314,468
$ 1,321,220,307 $ 1,064,415,541 $ 865,314,862 $ 491,766,740 $ 300,191,241
38 32 26 17 13
27 25 21 14 11
Total Number of Fund Investments
Total Number of Managers
Pri ivate Portfol io Market Value
Committed Uncal led
Private Portfol io Market Value +
Committed Uncal led
6/30/2015 12/31/2014 12/31/2013 12/31/2012 12/31/2011
PIC Multiple .54 x .58 x .41 x .58 x .51 x
Distribution Multiple .40 x .36 x .40 x .21 x .19 x
Residual Value Multiple .79 x .82 x .79 x .89 x .83 x
Total Value Multiple 1.19 x 1.18 x 1.19 x 1.09 x 1.02 x
3
Portfolio Diversification
0BPrivate Diversification by Investment Class 1BPrivate Asset Risk Category
2BPrivate Asset Diversification by Investment Type
3BPrivate Asset US vs. Non-US Diversification 4BPrivate Asset Global Diversification
Real Estate Public Debt5.31% Real Estate
Private Debt11.32%
Real Estate Private Equity50.05%
Infrastructure3.27%
Natural Resources
30.06%Value-Added
29.26%
Opportunistic25.06%
Core12.66%
Timber17.55%
Agriculture8.80%
Energy4.72%
Water1.94%
Health Care8.16%
Industrial7.71%
Lodging3.27%
Office4.93%
Residential14.87%
Retail2.73%Land
4.44%REOC
0.58%
RE Other3.35%
RE Public Debt5.31%
RE Private Debt
11.32%
Infrastructure3.27%
Natural Resources
30.06%
US90.97%
Non-US9.03%
US National 11.19%
US Northeast 12.86%
US Mid East 9.33%
US Southeast 21.61%
US East North Central 1.23%
US West North Central
6.49%
US Mountain 5.23%
US Southwest 6.40%
US Pacific 16.63%
Western Europe 6.91% Europe
Central Europe 0.08%
Japan 0.55%
South America 1.49%
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Manager Statistics
Manager Performance – Net of Fees
* For individual Fund performance numbers please see disclosure statements in the Appendix C.
** The time-weighted return calculations begin with the first full quarter following the initial capital investment. The IRR calculation begins with the first
full year following the initial capital investment.
YTD 1 Year 3 Year 5 YearSince
Inception
Private Real Estate
PRIMA Mortgage Investment Trust, LLC 50,000,000 50,255,496 2.02% 4.90% 5.07% 5.39% 5.54% 5.81%
Prologis Targeted Europe Logis tics Fund, FCP-FIS 11,862,712 6,597,169 -0.23% -0.36% 5.95% 6.44% -5.78% -5.78%
Prologis Targeted US Logis tics Fund 23,308,726 19,600,901 6.96% 16.18% 15.31% 17.89% -0.19% -0.18%
Core Total 85,171,439 76,453,567 3.04% 7.06% 7.34% 7.74% 2.04% 2.86%
Crow Holdings Realty Partners VI, LP 50,000,000 40,376,731 6.86% 11.16% - - 5.30% 6.85%
Crow Holdings Realty Fund VII, LP 35,000,000 - - - - - - -
Hammes Partners II , L.P. 50,000,000 - - - - - - -
Prudentia l Senior Hous ing Partners IV 50,000,000 45,771,503 5.63% 19.23% 10.94% - 11.24% 13.23%
Prudentia l Senior Hous ing V 35,000,000 2,613,766 - - - - - -
RAM Realty Partners II I 30,000,000 23,925,301 8.39% 21.59% - - 15.04% 15.37%
RAM Realty Partners IV 40,000,000 - - - - - - -
Realterm Logis tics Fund, L.P. 25,000,000 11,565,153 13.11% 37.57% - - 28.10% 26.44%
Rockpoint Real Estate Fund IV, L.P. 45,454,545 22,353,081 9.62% 21.92% - - 65.26% 29.68%
Rockpoint Real Estate Fund V, L.P. 35,000,000 - - - - - - -
SRG Western States Multi fami ly Fund 30,000,000 28,071,087 2.41% 4.66% - - 2.28% 2.52%
Sares-Regis Multi fami ly Value-Add Fund II , L.P. 30,000,000 - - - - - - -
Value-Added Total 455,454,545 174,676,622 6.71% 16.88% 13.87% - 13.75% 13.61%
Greenfield Acquis i tion Partners V, L.P. 25,000,000 5,253,737 -6.41% -3.62% 7.39% 11.37% 2.56% 8.63%
Guggenheim Structured Real Estate II I , LP 25,000,000 - 7.97% 14.58% 10.57% 7.58% -0.47% -4.97%
Ki ldare European Partners I , L.P. 50,000,000 17,099,838 4.78% 14.96% - - 14.96% 12.13%
Lone Star Fund VII (U.S.), L.P. 50,000,000 11,437,651 -5.65% 10.23% 43.22% - 44.46% 50.16%
Lone Star Fund VIII (U.S.), L.P. 50,000,000 31,706,028 7.96% 33.61% - - 63.80% 42.43%
Lone Star Real Estate Fund II (U.S.), L.P. 25,000,000 6,805,676 22.39% 52.68% 34.30% - 34.96% 27.18%
Raith Real Estate Fund I LP 50,000,000 9,885,216 -2.08% 7.51% - - 9.30% 8.52%
RAPM NM Secondary Opportunity Fund, L.P. 40,000,000 24,135,968 -1.88% 12.47% 2.75% -16.91% -29.21% 14.09%
RAPM-NMERB Co-Investment Fund, L.P. 79,520,000 32,715,879 3.42% 17.35% - - 17.35% 17.71%
Opportunistic Total 394,520,000 139,039,993 2.79% 20.51% 25.12% 24.65% 10.79% 15.55%
Private Real Estate Total 935,145,984 390,170,182 4.53% 16.11% 17.19% 16.08% 7.15% 9.70%
NCREIF Property Index 6.82% 12.96% 11.63% 12.71% 5.25%
Publ ic Real Estate
In-House REIT - 130,967,623 -5.66% 5.22% 8.83% 14.55% 9.25% 13.09%
U.S. Va lue Income REIT Strategy 160,000,000 220,001,518 -7.46% 1.59% 11.08% - 11.78% 11.10%
Public Real Estate Total 160,000,000 350,969,141 -6.80% 2.92% 9.38% 14.97% 9.42% 12.91%
Wilshire REIT - U.S. Equity -5.73% 5.21% 9.00% 14.72% 9.29%
Commitment
($)
Market
Value ($)
Time Weighted Returns Since
Inception
Net IRR
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YTD 1 Year 3 Year 5 YearSince
Inception
Commitment
($)
Market
Value ($)
Time Weighted Returns Since
Inception
Net IRR
Manager Performance – Net of Fees - Continued
* For individual Fund performance numbers please see disclosure statements in the Appendix C.
** The time-weighted return calculations begin with the first full quarter following the initial capital investment. The IRR calculation begins with the first
full year following the initial capital investment.
*** Haldermand Farmland Separate Account used a subscription line to cover the organizational expenses and management fees that exceeded the
amount of capital called in Q3 2013. Thus, the asset’s valuation moving from a negative valuation at the end of Q3 2013 to a positive valuation in Q4 2013
resulted in a large swing in the appreciation component of returns for the period.
Natura l Resources
Brookfield Brazi l Timber Fund II, LP 30,000,000 8,502,382 1.82% 15.23% - - 11.34% 9.77%
Conservation Forestry Capita l Fund II, LP 25,000,000 30,346,899 0.62% 5.87% 7.46% 6.21% 4.27% 5.40%
Eastern Timberland Opportunities II 45,000,000 44,213,007 10.87% - - - 10.81% -
Ecosystem Investment Partners II , LP 30,000,000 23,952,443 8.17% 15.71% 12.03% - -1.29% 9.69%
Ecosystem Investment Partners II I , LP 50,000,000 - - - - - - -
Timber Total 180,000,000 107,014,731 6.43% 12.09% 9.88% 7.04% 4.92% 7.45%
NCREIF Timberland Index 2.27% 10.02% 9.76% 6.10% 4.04%
Blue Road Capita l , L.P. 30,000,000 4,747,561 -0.98% - - - -0.98% -
Halderman Farmland Separate Account 50,000,000 21,980,462 1.30% 2.14% - - - 4.21%
Hancock GLC Farms, LLC 50,000,000 26,999,607 0.20% 9.47% - - 6.92% 6.82%
Agriculture Total 130,000,000 53,727,630 0.28% 5.69% - - 6.49% 4.15%
NCREIF Farmland Index 3.26% 11.63% 16.23% 15.47% 13.39%
EnerVest Energy Insti tutional Fund XIV-A, L.P. 37,500,000 - - - - - - -
Five Point Capita l Midstream Fund II L.P. 50,000,000 5,430,068 -6.47% 12.47% - - 12.47% 7.00%
Lime Rock Resources II I 34,250,000 13,978,958 -15.67% -54.39% - - -44.63% -46.68%
Energy Total 121,750,000 19,409,026 -12.60% -37.44% - - -28.71% -34.44%
Water Property Investor, L.P. 30,000,000 20,664,769 -2.62% - - - -2.62% -
Water Total 30,000,000 20,664,769 -2.62% - - - -2.62% -
Natural Resources Total 461,750,000 200,816,156 2.15% 2.60% 6.31% 4.94% 3.27% 3.52%
Grand Total 1,556,895,984 941,955,479 11.87%
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Manager Asset Detail
* For individual Fund performance numbers please see disclosure statements in the Appendix C.
** The IRR calculation begins with the first full year following the initial capital investment.
Commitment
($)
Market Value
($)
Contributions
($)
Dis tributions
($)
Since Inception
Net IRR
Private Real Estate
PRIMA Mortgage Investment Trust, LLC 50,000,000 50,255,496 50,000,000 (18,732,741) 5.81%
Prologis Targeted Europe Logis tics Fund, FCP-FIS 11,862,712 6,597,169 11,861,523 (1,812,811) -5.78%
Prologis Targeted US Logis tics Fund 23,308,726 19,600,901 23,308,726 (3,442,810) -0.18%
Core Total 85,171,439 76,453,567 85,170,249 (23,988,362) 2.86%
Crow Holdings Realty Partners VI, LP 50,000,000 40,376,731 37,668,958 - 6.85%
Crow Holdings Realty Fund VII, LP 35,000,000 - - - -
Hammes Partners II , L.P. 50,000,000 - - - -
Prudentia l Senior Hous ing Partners IV 50,000,000 45,771,503 46,994,283 (11,254,526) 13.23%
Prudentia l Senior Hous ing V 35,000,000 2,613,766 2,719,148 - -
RAM Realty Partners II I 30,000,000 23,925,301 24,297,246 (7,590,625) 15.37%
RAM Realty Partners IV 40,000,000 - - - -
Realterm Logis tics Fund, L.P. 25,000,000 11,565,153 10,041,871 (648,467) 26.44%
Rockpoint Real Estate Fund IV, L.P. 45,454,545 22,353,081 31,756,967 (18,508,140) 29.68%
Rockpoint Real Estate Fund V, L.P. 35,000,000 - - - -
SRG Western States Multi fami ly Fund 30,000,000 28,071,087 27,988,508 (814,004) 2.52%
Sares-Regis Multi fami ly Value-Add Fund II , L.P. 30,000,000 - - - -
Value-Added Total 455,454,545 174,676,622 181,466,981 (38,815,763) 13.61%
Greenfield Acquis i tion Partners V, L.P. 25,000,000 5,253,737 24,650,000 (28,555,000) 8.63%
Guggenheim Structured Real Estate II I , LP 25,000,000 - 25,000,000 (20,400,831) -4.97%
Ki ldare European Partners I , L.P. 50,000,000 17,099,838 25,262,040 (9,461,304) 12.13%
Lone Star Fund VII (U.S.), L.P. 50,000,000 11,437,651 49,554,503 (75,817,888) 50.16%
Lone Star Fund VIII (U.S.), L.P. 50,000,000 31,706,028 41,074,623 (24,318,723) 42.43%
Lone Star Real Estate Fund II (U.S.), L.P. 25,000,000 6,805,676 24,260,741 (28,236,746) 27.18%
Raith Real Estate Fund I LP 50,000,000 9,885,216 33,239,146 (24,310,129) 8.52%
RAPM NM Secondary Opportunity Fund, L.P. 40,000,000 24,135,968 24,002,207 (10,540,166) 14.09%
RAPM-NMERB Co-Investment Fund, L.P. 79,520,000 32,715,879 30,825,515 (1,778,696) 17.71%
Opportunistic Total 394,520,000 139,039,993 277,868,776 (223,419,483) 15.55%
Private Real Estate Total 935,145,984 390,170,182 544,506,006 (286,223,608) 9.70%
Publ ic Real Estate
In-House REIT - 130,967,623 774,370,071 (1,029,824,640) 13.09%
U.S. Va lue Income REIT Strategy 160,000,000 220,001,518 160,252,533 - 11.10%
Public Real Estate Total 160,000,000 350,969,141 934,622,605 (1,029,824,640) 12.91%
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Commitment
($)
Market Value
($)
Contributions
($)
Distributions
($)
Since Inception
Net IRR
Manager Asset Detail - Continued
* For individual Fund performance numbers please see disclosure statements in the Appendix C.
** The IRR calculation begins with the first full year following the initial capital investment.
Natura l Resources
Brookfield Brazi l Timber Fund II, LP 30,000,000 8,502,382 8,144,000 (816,467) 9.77%
Conservation Forestry Capita l Fund II, LP 25,000,000 30,346,899 27,450,939 (4,326,103) 5.40%
Eastern Timberland Opportunities II 45,000,000 44,213,007 40,354,269 (24,446) -
Ecosystem Investment Partners II , LP 30,000,000 23,952,443 22,576,057 (2,470,998) 9.69%
Ecosystem Investment Partners II I , LP 50,000,000 - - - -
Timber Total 180,000,000 107,014,731 98,525,266 (7,638,014) 7.45%
Blue Road Capita l , L.P. 30,000,000 4,747,561 9,085,483 (3,183,184) -
Halderman Farmland Separate Account 50,000,000 21,980,462 21,850,545 (943,227) 4.21%
Hancock GLC Farms, LLC 50,000,000 26,999,607 23,970,000 - 6.82%
Agriculture Total 130,000,000 53,727,630 54,906,028 (4,126,411) 4.15%
EnerVest Energy Insti tutional Fund XIV-A, L.P. 37,500,000 - - - -
Five Point Capita l Midstream Fund II L.P. 50,000,000 5,430,068 9,292,273 (4,227,387) 7.00%
Lime Rock Resources II I 34,250,000 13,978,958 22,947,270 (755,001) -46.68%
Energy Total 121,750,000 19,409,026 32,239,543 (4,982,388) -34.44%
Water Property Investor, L.P. 30,000,000 20,664,769 20,988,984 - -
Water Total 30,000,000 20,664,769 20,988,984 - -
Natural Resources Total 461,750,000 200,816,156 206,659,820 (16,746,813) 3.52%
Grand Total 1,556,895,984 941,955,479 1,685,788,431 (1,332,795,062) 11.87%
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Appendix A
Summary of Portfolio Cash Flows – Private Investments
Quarter Contributions Distributions Total
Q1 2008 9,000,000 - 9,000,000
Q2 2008 25,500,000 (446,462) 25,053,538
Q3 2008 44,852,570 (1,019,994) 43,832,576
Q4 2008 33,979,025 (1,223,450) 32,755,575
Q1 2009 5,572,204 (1,142,560) 4,429,644
Q2 2009 3,320,837 (2,831,451) 489,386
Q3 2009 1,582,090 (3,883,030) (2,300,940)
Q4 2009 6,713,749 (1,450,747) 5,263,002
Q1 2010 4,451,516 (846,291) 3,605,226
Q2 2010 767,315 (1,188,459) (421,144)
Q3 2010 674,058 (853,205) (179,147)
Q4 2010 13,741,534 (1,926,081) 11,815,454
Q1 2011 2,347,300 (4,107,813) (1,760,513)
Q2 2011 18,061,101 (4,171,517) 13,889,584
Q3 2011 8,660,670 (7,451,229) 1,209,441
Q4 2011 23,900,427 (5,389,008) 18,511,419
Q1 2012 7,907,732 (4,722,068) 3,185,665
Q2 2012 15,087,526 (2,870,248) 12,217,278
Q3 2012 26,488,091 (5,684,184) 20,803,907
Q4 2012 41,374,981 (9,937,326) 31,437,655
Q1 2013 1,622,072 (19,771,643) (18,149,571)
Q2 2013 24,541,234 (24,772,969) (231,735)
Q3 2013 21,645,192 (16,872,041) 4,773,151
Q4 2013 33,780,539 (27,918,591) 5,861,949
Q1 2014 68,401,433 (22,342,851) 46,058,582
Q2 2014 32,486,392 (17,048,045) 15,438,346
Q3 2014 86,760,742 (19,956,358) 66,804,383
Q4 2014 120,639,089 (32,994,436) 87,644,653
Q1 2015 37,606,375 (25,131,192) 12,475,183
Q2 2015 29,700,032 (35,017,174) (5,317,142)
Total $ 751,165,826 $ (302,970,421) $ 448,195,405
9
Appendix B
Notes to the Performance Report
Multiples are calculated net of fees using private investments only.
The PIC Multiple is the cumulative contributed amount divided by committed capital. This multiple indicates how much of committed capital has been paid in.
The Distribution Multiple (“DPI”) measures the portion of fund returns distributed to investors. When DPI is the equivalent of 1, the Fund has broken even. A DPI of greater than 1 indicates that the Fund has generated profit to the investors.
The Residual Value Multiple (“RVPI”) measures the portion of returns that are unrealized. P
The Total Value Multiple (“TVPI”) provides information regarding the value of the investment relative to its cost
basis, not taking into consideration the time invested.
Paid in Capital Ratios reflect all contributions made divided by the total commitments, without making adjustments
for contributions that may be offset by recallable or true-up distributions.
Consistent with calculating Paid in Capital, Distributions to Paid in Capital Ratios reflect all distributions received
divided by the aggregate total of contributions.
RAPM believes this is the most accurate way to reflect the cash flows experienced during the investment, though
Paid in Capital and Distributed to Paid in Capital ratios may not exactly equal those values shown on manager-
provided capital statements if the manager is adjusting for recallable distributions or true-up distributions for the
Fund. All managers treat these classifications differently and therefore, RAPM utilizes actual cash flows experienced
for calculating key ratios as of the quarter end.
Diversification statistics are based on net investment value.
All indices are gross of fee indices.
REIT returns and and Private Asset returns are calculated using different methodologies. The REIT returns are based
on the monthly returns as reported by the Custodian and is calculated in accordance with accepted standards for
daily liquid securities that require interim period monthly calculations for months in which large external cash flows
occur. Private Asset returns are also calculated in accordance with accepted standards for these components using
time weighted total rate of return that considers the timing of external cash flows; however, it does not distinguish
between large and small cash flows and therefore does not utilize interim period performance to mitigate the impact
of significant cash-in and outflows.
All performance numbers reflect data as reported to RAPM by the investment managers. RAPM has made an effort
to verify the integrity of the data, including cross referencing what was reported for performance with fund financial
and investor capital statements. However, RAPM serves as a data aggregator and reporter of fund level performance
data and, therefore, cannot guarantee the accuracy of the underlying data reported by fund managers.
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Disclosure Statements
NOTE REGARDING PROJECTIONS AND FORWARD-LOOKING STATEMENTS: The information provided in this report contains estimates, return data and valuations that are based upon assumptions and projections. Such estimates and assumptions involve judgments with respect to, among other things, future economic and competitive conditions; real estate market conditions; occupancy and rental rates; and the like, which may not be realized and are inherently subject to significant uncertainties and changes, all of which are difficult to predict and many of which are beyond the control of the General Partner and Real Asset Portfolio Management and the investment managers of the indirect fund investments. Accordingly, no assurance can be given that such projections will be realized, and actual conditions, operations and results may vary materially from those set forth herein. Limited Partners are cautioned that the predictions and other forward-looking statements reflected in this report involve risks and uncertainty, including without limitations, risks incident to investment in core real estate and to investment in “non-core” real estate funds. In light of the foregoing factors, actual returns and results are likely to differ substantially from the forward-looking statements contained in this report, and Limited Partners are cautioned not to place undue reliance on such forward-looking statements and projections. The words “estimate,” “anticipate,” “expect,” “predict,” “believe” and like expressions are intended to identify forward-looking statements.
The foregoing investment information was prepared by the New Mexico Educational Retirement Board or its advisors or consultants solely for informational purposes and should not be relied on for any other purpose. Neither the investment’s sponsor nor any of its affiliates (i) has reviewed, audited, verified, approved or sanctioned such information, or (ii) makes any representation or warranty regarding the completeness or accuracy of such information or the absence of miscalculations or errors from such information.
THE PERFORMANCE INFORMATION SET FORTH HEREIN REPRESENTS PAST PERFORMANCE AND IS NOT A GUARANTEE OF FUTURE RESULTS.